U.S. markets closed mixed and flat on lower volume a day after the big rally.
Crude is now into its 17th month of decline, a very mature trend and closed in the low 44's. While crude can slide further if OPEC and IEA want to keep production levels up, analysts do not think it will drop much further price-wise, because inflation's coming.
Oil continues to ride lower on a lower parallel which gave it a bid to start the week. On the hourly chart price action is narrowing slick into a triangle. Which way will it break? The trend is down, so the benefit of the path of least resistance suggests it will resolve itself towards lower prices, however, it could break higher and spark a short squeeze. Lower parallel support helps bolster the bullish case. The art of trading these patterns is in the discipline to wait for the break before entering.
A break lower will likely lead to the August lows under 38, while a break higher should result in a move towards key resistance in the 43s.
CHICAGO (Reuters) - A majority of U.S. consumers plan to go to Amazon.com for most of their online holiday shopping, according to a Reuters/Ipsos poll, even after traditional retailers have collectively spent billions of dollars to try to capture Web demand.
(Reuters) - Pfizer Inc is negotiating a break-up fee in the range of 2 to 3 percent of the value of its roughly $150 billion potential acquisition of Allergan Plc , proportionally in line with other deals, people familiar with the matter said.
(Reuters) - Shares of Square Inc, the mobile payments company co-founded and still run by Twitter Inc Chief Executive Jack Dorsey, rose as much as 64 percent in their market debut, offering hope to tech startups hoping to go public.
(Reuters) - Activist investor Starboard Value LP asked Yahoo Inc to drop plans to spin off its stake in Alibaba Group Holdings Ltd due to tax concerns, and instead urged the company to sell its core search and display advertising businesses.
(Reuters) - Shares of media mogul Barry Diller's Match Group Inc , the owner of popular dating site Match.com and mobile app Tinder, jumped as much as 24 percent in their market debut on Thursday, valuing the company at $3.57 billion.
WASHINGTON (Reuters) - New U.S. applications for unemployment benefits fell last week while a gauge of U.S. economic activity rebounded in October, signs of a healthy labor market and economy that could give the Federal Reserve confidence to raise interest rates next month.
(Reuters) - Retail chain Best Buy Co Inc on Thursday forecast a revenue decline for the crucial holiday quarter and reported lower-than-expected quarterly comparable sales, citing slower consumer demand for mobile phones and tablets.
The question of how the Islamic State funds its sprawling caliphate has been discussed in the past: we first broke down the primary driver of ISIS revenue well over a year ago, in September 2014, when we explained that "ISIS uses oil wealth to help finance its terror operations."
Daily Signal's Kelsey Harkness explained the breakdown as follows:
According to the Iraq Energy Institute, an independent, nonprofit policy organization focused on Iraqâ€™s energy sector, the army of radical Islamists controls production of 30,000 barrels of oil a day in Iraq and 50,000 barrels in Syria. By selling the oil on the black market at a discounted price of $40 per barrel (compared to about $93 per barrel in the free market), ISIS takes in $3.2 million a day.
The oil revenue, which amounts to nearly $100 million each month, allows ISIS to fund its military and terrorist attacks â€" and to attract more recruits from around the world, including America.
Most importantly, we added that to be successful in counterterrorism efforts, "the U.S. and its allies must â€œpush the Islamic State out of the oil fields it has captured and disrupt its ability to smuggle the oil to foreign markets."
None of this was surprising to anyone, but what was quite surprising is that it took the allied forces over a year to take the oil revenue threat seriously and begin targeting the Islamic State's oil infrastructure in earnest.
Submitted by Mike Krieger via Liberty Blitzkrieg blog,
The Clinton Foundation is operating a $20 million private equity firm in Colombia, raising concerns from government and consumer watchdog groups who say the practice is unusual and could pose a significant conflict of interest.
The line between the firm and the Clinton's nonprofit world is hazy. Fondo Acceso is run out of the Clinton Foundation's Bogota office and staffed by foundation employees, a representative at the office told the Washington Free Beacon on Tuesday.
A charitable foundation running a private equity fund is "not something one hears about commonly" and is "very concerning," according to Craig Holman, the government affairs lobbyist at the watchdog group Public Citizen.
Ken Boehm, chairman of the National Legal and Policy Center, a government watchdog group, said the lack of transparency was a troubling. He said the public has a right to know whether any of Fondo Acceso's companies received U.S. government support while Hillary Clinton was secretary of state.
- From The Washington Free Beacon article: Clinton Foundation Running Private Equity Fund in Colombia
The ties between the Clinton Foundation, Canadian billionaire businessman Frank Giustra and the nation of Colombia run deep. This is a topic I explored earlier in the year in the post,
U.S. stock indexes ended marginally lower Thursday, weighed down by declines in health-care and energy shares. The muted moves for major indexes followed the marketâ€™s biggest rally in nearly a month.
-- this post authored by Andrew Haughwout, Donghoon Lee, Joelle Scally, and Wilbert van der Klaauw
Today, the New York Fed announced that household debt increased by a robust $212 billion in the third quarter of 2015. Both mortgage and auto loan originations increased, as auto originations reached a ten-year high and new mortgage lending appears to have finally recovered from the very low levels seen in the past year. This quarter, we're introducing an improved estimate of auto loan originations, some new charts, and some fresh data on the auto loan market. The Quarterly Report on Household Debt and Credit and this analysis use our Consumer Credit Panel data, which is itself based on Equifax credit data.
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